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The Income Tax (Employments)(Notional Payments) (Amendment) Regulations 1996

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2.  For regulation 3(2) of the Income Tax (Employments) (Notional Payments) Regulations 1994(1) there shall be substituted—

(2) The property described is—

(a)any shares acquired by the employee (whether or not as a result of the exercise of a right to acquire shares) under a scheme approved by the Board under Schedule 9 to the Taxes Act (approved share option schemes and profit sharing schemes),

(b)any right over or interest in shares obtained or acquired by the employee under such a scheme, and

(c)any shares acquired by the employee as a result of the exercise of a right over shares obtained before 27th November 1996 otherwise than under a scheme approved by the Board under Schedule 9 to the Taxes Act,

where the shares in question form part of the ordinary share capital of—

(i)an employer which is a company (“the employer company”), or

(ii)a company which has control of the employer company, or

(iii)a company which either is, or has control of, a company which is a member of a consortium owning either the employer company or a company having control of the employer company.


S.I. 1994/1212.

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